All of our lawyers are labour law specialists with extensive experience in managing transaction contracts. This means that the draft agreement is “off the mark” and cannot be presented to a court as evidence of a confession against one of the parties. The legal concept “without prejudice” is based on the principle that it is useful for the parties to speak freely when trying to reach an agreement. If they know that everything they say in these discussions cannot be used as evidence against them, then it allows the parties to be more open. A transaction contract does not necessarily mean that your employment is coming to an end. You may have filed a complaint about your job, which your employer recognizes as valid, but it wishes to remain confidential. On the other hand, your employer may change the length of work in a way that might otherwise constitute an offence. They can offer you compensation as part of a transaction agreement to achieve this. You and your employer can offer a transaction contract. If you have bonuses or commissions due, the amounts owed must be specified in the agreement. A lawyer should check your contract to ensure that all contract bonuses and commissions are paid in full.
It is important that you understand everything in the agreement, and if there is something you cannot respect (or a term you have already violated), you should discuss it with your lawyer. Ensure that all agreements that must remain in force are maintained as valid in the transaction agreement (for example. B agreements on stock options rights, pensions or other benefits). What is the difference between an ACAS agreement (COT3) and a transaction agreement? Similarly, all the time being wasted and potential legal fees – why not suggest you pay this now in a settlement contract and you will leave quietly? Transaction agreements are contracts that prevent workers from asserting their rights against their employers.